The document provides a simplified summary of the Executive Regulations of the UAE Federal Law No. 7 of 2017 on Tax Procedures. It discusses key definitions, obligations for maintaining accounting records, procedures for tax registration and de-registration, allocation of unidentified payments, voluntary disclosure procedures, means of notification by the tax authority, requirements for tax agents, and other procedural topics. The executive regulations are organized into 13 titles and 28 articles covering these tax compliance and administrative topics in further detail.
The United Arab Emirates (UAE) has released the text of Federal Tax procedures Law (FTP). The FTP Law provides the outline on rights and obligations of the Authority, Taxpayer and any other Person dealing with the Authority for Value Added Tax (VAT) and Excise Taxes. Also any future taxes introduced in the UAE.
This write up consist of unofficial translation of the Federal Tax procedures Law (FTP)/ UAE VAT Law with views and suitable modifications, wherever appropriate, by the author.
UAE Federal Tax Authority has released its Fee and Fines for the UAE VAT and Excise Law. This includes the administration fee of Federal Tax Authority with the fines and penalties on non compliance of Tax Laws of the UAE.
VAT in UAE - Compilation of FTP with Executive Regulations and Fee & Fines Manoj Agarwal
UAE has released Federal Tax Procedures and its Executive Regulations to be followed for VAT and other Tax Laws. UAE cabinet has also approved Federal Tax Authority's Service Fee and Administrative Fines for VAT and other Tax Law.
This eBook is a compilation of Tax Procedures with Executive Regulations and Fee and Fine for VAT and other tax laws in UAE.
UAE VAT Law - Draft Executive RegulationManoj Agarwal
Much Awaited Regulations released by the UAE Government. Cabinet has approved draft of the Executive Regulations of the UAE VAT Law which will make UAE VAT Law implementation simplified.
VAT in UAE: Comparison of Draft and Final Executive Regulations of the UAE VA...Manoj Agarwal
VAT in UAE
A Comparison of Draft and Final Executive Regulations issued by the Federal Tax Authority of the UAE. Changes and Additions are marked in red and blue colour in a easy to understand way.
Presentation is an attempt to give brief introduction of VAT in UAE & Provisions of Input Tax in GST Law.
Input tax is going to be the most important aspect from organisation point of view, cause levy is on supply value and not on value addition. Proper planning is very very important.
The United Arab Emirates (UAE) has released the text of Federal Tax procedures Law (FTP). The FTP Law provides the outline on rights and obligations of the Authority, Taxpayer and any other Person dealing with the Authority for Value Added Tax (VAT) and Excise Taxes. Also any future taxes introduced in the UAE.
This write up consist of unofficial translation of the Federal Tax procedures Law (FTP)/ UAE VAT Law with views and suitable modifications, wherever appropriate, by the author.
UAE Federal Tax Authority has released its Fee and Fines for the UAE VAT and Excise Law. This includes the administration fee of Federal Tax Authority with the fines and penalties on non compliance of Tax Laws of the UAE.
VAT in UAE - Compilation of FTP with Executive Regulations and Fee & Fines Manoj Agarwal
UAE has released Federal Tax Procedures and its Executive Regulations to be followed for VAT and other Tax Laws. UAE cabinet has also approved Federal Tax Authority's Service Fee and Administrative Fines for VAT and other Tax Law.
This eBook is a compilation of Tax Procedures with Executive Regulations and Fee and Fine for VAT and other tax laws in UAE.
UAE VAT Law - Draft Executive RegulationManoj Agarwal
Much Awaited Regulations released by the UAE Government. Cabinet has approved draft of the Executive Regulations of the UAE VAT Law which will make UAE VAT Law implementation simplified.
VAT in UAE: Comparison of Draft and Final Executive Regulations of the UAE VA...Manoj Agarwal
VAT in UAE
A Comparison of Draft and Final Executive Regulations issued by the Federal Tax Authority of the UAE. Changes and Additions are marked in red and blue colour in a easy to understand way.
Presentation is an attempt to give brief introduction of VAT in UAE & Provisions of Input Tax in GST Law.
Input tax is going to be the most important aspect from organisation point of view, cause levy is on supply value and not on value addition. Proper planning is very very important.
UAE VAT Law Executive Regulations (Draft) have been issued
UAE's Federal Tax Authority has issued the (Draft) VAT Executive Regulations today. You can download it here
What to do next?
Companies should now act fast to get themselves VAT compliant and apply for VAT registration.
How BMS AUDITING CAN HELP ?
At BMS AUDITING we are helping many companies to get VAT implemented successfully through our UK Experienced VAT experts. . We provide end to end VAT implementation services across UAE, in all Emirates
Approved Executive Regulations now available for the UAE VAT Law. All businesses with taxable supplies of more than AED 375,000 needs to register before 4th December 2017 and be fully compliant with the UAE VAT Law
What is zero-rated & exempted VAT? UAE ministry of finance published the list of economic activities categorized under zero-rated VAT & exempted VAT in UAE.
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
Presentation on updates of VAT in UAE is in line with the various advisories issued by Ministry of Finance along with the expert views. VAT is being implemented in the UAE wef 1st January 2018. Presentation has impact of VAT/ Steps to follow to become VAT compliant/ thresholds for VAT registration with process to be followed.
VAT is on the way of implementation in UAE from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
VAT is applied in more than 160 countries around the world as a reliable source of revenue for state budgets.
VAT is imposed at each stage of the supply chain from the production and distribution to the final sale of the good or service. The understanding concepts of “Supply”, “Place of Supply” and “Time of Supply” become critically important for effective implementation of UAE VAT.
Here is a simple graphical guide for understanding the UAE VAT.
Pleased to share a curated version of UAE Tax Procedures with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the KSA.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Accounting and Book-keeping Requirements - UAEJayesh Rawal
Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).
Businesses must Familiarize with the Tax Procedure and VAT Regulation and identify the key action point for their steps towards making business accounting and documentation fully compliant and ready for any inquiry and Tax Audit from Federal Tax Authority (FTA).
UAE VAT Law Executive Regulations (Draft) have been issued
UAE's Federal Tax Authority has issued the (Draft) VAT Executive Regulations today. You can download it here
What to do next?
Companies should now act fast to get themselves VAT compliant and apply for VAT registration.
How BMS AUDITING CAN HELP ?
At BMS AUDITING we are helping many companies to get VAT implemented successfully through our UK Experienced VAT experts. . We provide end to end VAT implementation services across UAE, in all Emirates
Approved Executive Regulations now available for the UAE VAT Law. All businesses with taxable supplies of more than AED 375,000 needs to register before 4th December 2017 and be fully compliant with the UAE VAT Law
What is zero-rated & exempted VAT? UAE ministry of finance published the list of economic activities categorized under zero-rated VAT & exempted VAT in UAE.
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
Presentation on updates of VAT in UAE is in line with the various advisories issued by Ministry of Finance along with the expert views. VAT is being implemented in the UAE wef 1st January 2018. Presentation has impact of VAT/ Steps to follow to become VAT compliant/ thresholds for VAT registration with process to be followed.
VAT is on the way of implementation in UAE from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
VAT is applied in more than 160 countries around the world as a reliable source of revenue for state budgets.
VAT is imposed at each stage of the supply chain from the production and distribution to the final sale of the good or service. The understanding concepts of “Supply”, “Place of Supply” and “Time of Supply” become critically important for effective implementation of UAE VAT.
Here is a simple graphical guide for understanding the UAE VAT.
Pleased to share a curated version of UAE Tax Procedures with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the KSA.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Accounting and Book-keeping Requirements - UAEJayesh Rawal
Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).
Businesses must Familiarize with the Tax Procedure and VAT Regulation and identify the key action point for their steps towards making business accounting and documentation fully compliant and ready for any inquiry and Tax Audit from Federal Tax Authority (FTA).
VAT Evasion or Fraud: Penalties & Precautions (The UAE Perspective)Ahmad Tariq Bhatti
Tax evasion or fraud refers to a case where a taxable person intentionally defrauds to pay less tax or no tax to the FTA that is lawfully due to him. With tax evasion, the taxpayer intentionally and deliberately misrepresents the tax liability to avoid paying higher taxes to the government. The government loses money as a result of this act. Therefore, the law imposes severe penalties to such taxable persons. The tax fraud necessarily includes an intention to not pay the tax. The FTA has to prove through fraud examination tests or techniques that the person held for tax evasion or fraud has been intentionally involved in this act.fraud
Tax group is a group of two or more Persons registered with the Authority for Tax purposes as a single taxable person in accordance with the provisions of this Decree-Law.
A VAT audit is the FTA’s assessment of a company about its responsibility as a taxable person. The audit ensures that a company has fully captured the input and output tax on its all vatable transactions. This audit is conducted to ensure that the tax liability is calculated correctly and paid in full within the stipulated timeframe. The FTA also assesses a company whether they are fulfilling all responsibilities that apply to its business as per the VAT law.
The FTA can conduct the audit within 5 years for any business, but in some circumstances, the FTA has the right to extend the time frame for the audit and record-keeping.
AskPankaj - Value Added Tax (VAT) law of the United Arab Emirates (UAE)Pankaj S. Jain
57 definitions, 11 Titles, 22 Chapters and 85 Articles! UAE VAT Law comprehensively covers economic and business activities under its purview.
Pleased to share a curated version of UAE VAT law with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the UAE.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
Tax Agent in UAE, Procedure of Tax & Tax Agent as per UAE Federal LawFAR-Farhat Office & Co.
Do you require tax agent services in UAE to register for VAT implementation, compliance & its procedure? Read this to know more about VAT consultants in UAE
Unravelling the income tax annual information returnAmeet Patel
The Annual Information Return that the income-tax department of India gets from various agencies contains a treasure trove of information for a tax officer to work upon. All tax payers should be aware of this and also of how the AIR affects their tax assessments. This presentation takes you through the AIR and also the reports of the Central Information Branch (CIB).
I have also dealt with the tax aspects of the recent demonetisation of Rs. 500 & Rs. 1,000 currency notes by the Govt of India.
Third-party information to check service tax evasion - Dr Sanjiv AgarwalD Murali ☆
Third-party information to check service tax evasion - Dr Sanjiv Agarwal - Article published in Business Advisor, dated November 10, 2014 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Vat return review and refund application in uaeRishalHalid1
We provide VAT return review services in UAE as a part of Tax Agent services or consultants services where filing of accurate return on timely basis will be ensured.
Similar to Executive Regulations of UAE FTP - VAT in UAE (20)
Compilation of FTA Clarifications & User Guides by manoj agarwalManoj Agarwal
ebook is a compilation of all the Clarifications and User Guides issued by Federal TAx Authority "FTA" related with UAE VAT Law and Executive Regulations.
VAT in UAE: FTA has issues a Guide for Taxable PersonManoj Agarwal
To help businesses in the UAE, FTA has issued a guide as “Taxable Person Guide for VAT” to help businesses to understand the VAT Rules, Regulations and its Procedures.
Guide will explain various types of transactions and its implication to ensure compliance of VAT.
Businesses will get benefits with such extended steps of the UAE FTA.
The UAE FTA - Cabinet Decision No 55 on CharitiesManoj Agarwal
The FTA has released the Cabinet Decision No 55 of 2017 on Charitable Institutions that may recover Input Tax. Decision is effective from 1st January 2018.
User Guide for Registration, Amendments & De-Registration for UAE VATManoj Agarwal
Federal Tax Authority has released User Guide for Registration, Amendments & De-Registration. As most of the businesses have already registered with FTA, guide is useful for Amendments in the information and De-Registration process.
VAT Refund User Guide Summary for Business VisitorsManoj Agarwal
The FTA has released a Summary of User Guide for VAT Refund for Visiting Businesses of the UAE. Process of Refund is quite simple and straight forward.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
2. 2 of 16
Simplified Version of “Executive Regulations” of UAE FTP by CA Manoj Agarwal
Executive Regulations are prescribed in thirteen (13) Titles and 28 Articles
Titles and Articles Index:
Title One
Article (1) – Definitions
Title Two - Keeping Accounting Records and Commercial Books
Article (2) - Keeping Accounting Records and Commercial Books
Article (3) - Period of Record-Keeping
Article (4) - How to Keep Accounting Records and Commercial Books
Article (5) - The use of a language other than the Arabic
Title Three - Registration and De-Registration for Tax Purposes
Article (6) - Procedures of Tax Registration, De-registration and Amending Details of Registration
Title Four - Tax Obligations
Article (7) - Allocation of Unidentified payments
Title Five - Voluntary Disclosure
Article (8) - Time Limits for Voluntary Disclosure
Title Six - Tax Notifications
Article (9) - Means of Notification and Correspondence by the Authority
Title Seven - Tax Agents
Article (10) - Procedures for listing a Tax Agent in the Register and Rights and Obligations of Tax
Agents
Title Eight - Tax Audits
Article (11) - Regularity of Tax Audits
Article (12) - Right to Conduct Tax Audit
Article (13) - Notice of Audit
Article (14) - Power to remove and retain Original Documents or Assets or make Copies Thereof
Article (15) - Power to Mark Assets and Record Information
Article (16) - Storage and Providing Access to removed Documents and Assets
Article (17) - Result of the Audit
Article (18) -Notice to Provide Information or Documents
3. 3 of 16
Simplified Version of “Executive Regulations” of UAE FTP by CA Manoj Agarwal
Article (19) - Complying with Notifications
Title Nine - Tax Assessment and the Administrative Penalties Assessment
Article (20) - Considering Taxes as Debts owed to the Authority
Article (21) - Notification of Tax Assessment or Administrative Penalty Assessment
Title Ten - Tax Refunds
Article (22) - Procedures of Getting a Tax Refund
Title Eleven - Bankruptcy Cases
Article (23) - Responsibilities of Bankruptcy Trustee in Case of Bankruptcy
Title Twelve - Disclosure of Information
Article (24) - Disclosure of information
Article (25) - Disclosure of Information by the Authority’s Staff after Leaving Function
Title Thirteen - Reduction in or exemption from Administrative Penalties
Article (26) - Reduction of Administrative Penalties or Exemption There from
Article (27) - Abrogation of Contradicting Provisions
Article (28) - Publication and Application of this Decision
4. 4 of 16
Simplified Version of “Executive Regulations” of UAE FTP by CA Manoj Agarwal
Title One
Article (1) - Definitions
In the application of the provisions of this Decision, the following words and expressions shall have the
meanings assigned against each, unless the context otherwise requires:
State: United Arab Emirates
Authority: Federal Tax Authority
Board: Authority’s board of directors.
Director-General: Director-General of the Authority
Administrative Penalties: Monetary amounts imposed on a Person by the Authority for breaching the provisions
of the Law or the Tax Law.
Administrative Penalties Assessment: A decision issued by the Authority concerning Administrative Penalties
due.
Assets: Tangible assets, including equipment, machinery, stock and others that the Authority has considers as
owned, leased or used in connection with the conduct of business by any Person.
Business: Any activity conducted in an ongoing, regular and independent manner by any Person and in any
location, such as an industrial, commercial, agricultural, professional, vocational or service activity, drilling
activities or anything related to the use of material or non-material property.
Competent Court: Federal court within whose jurisdiction the Authority’s Head Office or branch is located.
Documents: Original documents or copies thereof that are related to the Person conducting a Business, and
forming a part of the Person’s legal records.
Due Tax: Tax that is calculated and imposed under the provisions of any Tax Law.
Legal Representative: The manager of a company or a guardian or custodian of a minor or incapacitated person,
or the bankruptcy trustee appointed by court for a company that is in bankruptcy, or any other Person legally
appointed to represent another Person.
Notification: Notification to the concerned Person or his Tax Agent or Legal Representative of the decisions
issued by the Authority through the means stated in the Law and this Decision.
Person: A natural or legal person.
Premises: the place of business of the Person subject to Tax Audit, any other place in which he conducts his
business, or where he stores goods or records.
Payable Tax: Tax that has become due for payment to the Authority.
5. 5 of 16
Simplified Version of “Executive Regulations” of UAE FTP by CA Manoj Agarwal
Refundable Tax: Amounts that have been paid and that the Authority may return in whole or in part to the
Taxpayer pursuant to the relevant Tax Law require to use for the payment of amounts due or Administrative
Penalties or require to carry forward to future Tax Periods depending on the nature of the refund, according to
the Tax Law.
Register: The Register of Tax Agents.
Registrant: A Taxable Person who has been granted a TRN.
Tax: Any Federal tax administered, collected or enforced by the Authority.
Tax Agent: Any Person registered with the Authority in the Register, who is appointed on behalf of another
Person to represent him before the Authority and assist him in the fulfillment of his Tax obligations and the
exercise of his associated tax rights.
Tax Assessment: A decision issued by the Authority in relation to the Payable Tax or Refundable Tax
Tax Audit: A procedure undertaken by the Authority to inspect the commercial records or any information or
data related to a Person conducting Business.
Tax Auditor: Any member of the Authority’s staff appointed as a Tax Auditor.
Tax Law: Any federal law pursuant to which a Federal Tax is imposed
Taxable Person: A Person who is subject to Tax under the provisions of the relevant Tax Law.
Taxpayer: Any Person who is obligated to pay Tax in the State under the Tax Law, whether such Person is a
Taxable Person or an end consumer.
Tax Return: Information and data specified for Tax purposes and submitted by a Taxable Person in accordance
with the form prepared by the Authority
Tax Period: A specified period of time for which the Payable Tax shall be calculated and paid
Tax Registration: A procedure by which a Taxable Person or his Legal Representative registers with the
Authority for Tax purposes
Tax Registration Number (TRN): A unique number issued by the Authority for each Person registered for Tax
purposes.
The Law: Federal Law No. (7) of 2017 on Tax Procedures.
Voluntary Disclosure: A form prepared by the Authority pursuant to which the Taxpayer notifies the Authority
of an error or omission in the Tax Return, Tax Assessment or Tax Refund application in accordance with the
provisions of the Tax Law.
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Title Two - Keeping Accounting Records and Commercial Books
Article (2) - Keeping Accounting Records and Commercial Books
1. Accounting Records and Commercial Books for Business activities including records of payments and
receipts, purchases and sales, revenues and expenditures, any business and any other matters as required
under any Tax Law or any other applicable law, including:
a) Balance sheet and profit and loss accounts, records of wages and salaries, fixed assets, inventory
(Quantities, values and stock count at the end of any relevant Tax Period) and any additional records as
may be required in the Tax Law and its Executive Regulation.
b) The Authority may require any other information/ record for Tax purposes.
Article (3) - Period of Record-Keeping
1. Every Person holding/ maintaining records as per Article (2) of “ER” shall keep these records for period:
a. Taxable Person - For a period of (5) year after the END OF TAX PERIOD.
b. Non Taxable Person - For a period of (5) years from the END OF CALENDER YEAR.
c. Real Estate Records - For a period specified in the Tax Law.
2. Authority may before the expiry of the period specified in paragraph (a) of Clause (1) of this Article, inform
the Person to retain the records for a further period not exceeding (4) years, if tax obligations are subject to
a dispute or Tax Audit is going on or the Authority has served notice that it intends to conduct a Tax Audit.
3. In case of bankruptcy proceedings - Legal Representative to keep records for 12 months from the end of the
proceedings. In case if FTA to keep this record for a longer period, it may take possession of the same from
the Legal Representative.
Article (4) - How to Keep Accounting Records and Commercial Books
1. Unless otherwise required by the Tax Law, Accounting Records and Commercial Books to be maintained by:
a. Creating the record and retain the original supporting documents for entries or
b. Creating the record and preserving the information in electronic or photocopy or any readable form as
matches with original document and it can be reproduced, if requested by the Authority.
2. The Authority may lay down the rules and requirements for preserving and availability of the information in
Accounting Record/ Commercial Books as if the original records themselves had been preserved/ presented.
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Article (5) - The use of a language other than the Arabic
Tax Return, data, information, records etc shall be submitted in Arabic. Authority may accept the same in
English though it can request for Arabic translation.
If data is other than in English or Arabic, these should be translated into Arabic.
Title Three - Registration and De-Registration for Tax Purposes
Article (6) - Procedures of Tax Registration, De-registration and Amending Details of Registration
Procedures for Tax Registration and de-registration:
Non Registered Taxable Person to submit Tax Registration application.
Tax Registered Person to apply for de-registration, if required, in the prescribed form.
Authority shall review Tax Registration or de-registration application and Authority shall notify the person
for issuance of Tax Registration Number or cancelling this number as the case may be.
A Registrant shall notify the Authority within (20) business days for any change in name, address, articles of
association or change in nature of the Business.
The Government bodies, issuing business licenses shall inform the Authority in writing within 20 business
days, the name of the business, type of commercial License, license number, date of license, registered
address of the business, activities of the business and detail of owners and directors.
Legal Representative to give a notice of his appointment to the Authority within (20) business days from the
appointment date in writing for type of appointment, responsibilities, duration of the appointment, name,
address and Tax Registration Number of the Taxable Person who is represented by the Legal Representative,
name and address of the Legal Representative and legal basis of the appointment.
Legal representative to provide evidence of his appointment. Authority may request further information
relating to the appointment from the applicant or from other persons.
If Authority accepts the appointment of the Legal Representative, it will notify within (20) business days.
Title Four - Tax Obligations
Article (7) - Allocation of Unidentified payments
Payment made to authority without specifying the type of Tax or Tax Period may be allocated for settling any
debts or liabilities due to the Authority based on seniority. Excess will be treated as credit against future
liabilities if refund not requested. Authority shall notify the Taxable Person for allocation of payments.
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Title Five - Voluntary Disclosure
Article (8) - Time Limits for Voluntary Disclosure
1. If Payable Tax is more than AED 10,000, Voluntary Disclosure to be made within (20) business days.
2. If Payable Tax is less than AED 10,000, the Taxable Person shall correct the error in the Tax Return for the Tax
Period in which the error has been discovered or make a Voluntary Disclosure within (20) business days if
error cannot be corrected through Tax Return.
3. If Tax refund application is incorrect resulting in a higher refund, Taxpayer shall make a Voluntary Disclosure
within (20) business days. If resulting into less refund provisions of Clauses (1) and (2) shall apply.
4. Voluntary Disclosure must be made in accordance with the prescribed form.
Title Six - Tax Notifications
Article (9) - Means of Notification and Correspondence by the Authority
1. The Authority shall execute the Notification either by Post, Registered Post, by electronic mail, by Posting on
the premises of the Taxable Person or by any other means as may be agreed between Person & Authority.
2. If the Authority considers that notifying the unregistered person by the means mentioned in Clause (1) of
this Article is not practical for Tax Audit (Article 13), the Notification may be made by posting a notice in a
printed or written form at the Premises at which a Tax Audit is to be conducted.
3. The Authority may communicate either with the relevant Person or Tax Agent/ Legal Representative of the
Taxable Person.
Title Seven - Tax Agents
Article (10) - Procedures for listing a Tax Agent in the Register and Rights and Obligations of Tax Agents
1. Conditions to become Tax Agent:
a. To be of good conduct and behavior and never been convicted of a crime or misdemeanor prejudicial to
honor or honesty.
b. Certified bachelor/ Master Degree in Tax/ Accounting/ Law/ Bachelor Degree plus a Tax Certification from
an internationally known tax institute with three years experience plus oral and written Arabic and English.
c. To pass any tests to meet qualification standards as may be specified by the Authority.
d. To be medically fit to perform the duties of the profession with Professional Indemnity Insurance.
e. To perform his activity as approved by the Ministry of Economy and the local competent authority.
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2. The Authority may request further information or request an interview or can check references.
3. The Authority shall issue its decision of acceptance of application within 15 business days. In case of
additional information, decision shall be issued within 15 days from the date of receipt of the information.
4. Applicant will be listed in Tax Register, within (5) business days from the date of approval or any other date
as specified by the Authority.
5. The Authority may refuse an application if the Person fails to meet the conditions specified in Clause (1) of
this Article or if listing of the Person as a Tax Agent would adversely affect the integrity of the Tax system.
6. The Authority shall notify the Person whether or not his application to be listed in the Register has been
accepted or rejected within (20) business days from the date of the Authority’s approval of the application.
7. Listing in the Register is for three years from the date of registration.
8. The Authority may de-list the Tax Agent if it was proven that the Person is not eligible to be a Tax Agent or if
found that the continued registration of the Person as a Tax Agent would adversely affect the integrity of the
Tax system or if he committed a significant violation of the provisions of Law or Tax Law.
9. Authority shall notify the Person for de-listing within (5) business days of the decision with reason.
10. Where a Person appoints a Tax Agent to act in his name, the Tax Agent shall assist the Person with his Tax
obligations according to a contractual agreement between them, maintain the confidentiality of any
information obtained in the course of his duties as a Tax Agent, refuse to participate in any work or plan
which may result in a breach of any law by any Person or may jeopardize the integrity of the tax system.
11. In performing his duties as a Tax Agent, the Tax Agent may rely on information provided to him by the
Person unless the Tax Agent has reasonable grounds for believing that the information may be incorrect.
Title Eight - Tax Audits
Article (11) - Regularity of Tax Audits
1. The Authority should consider following while deciding on whether or not to conduct a Tax Audit on a
Person:
a. That a Tax Audit is necessary for protecting the integrity of the Tax system.
b. The responsibility of the Person or anyone associated with him to comply with the Law and Tax Law.
c. The likely Tax revenue at stake and the administrative and compliance burdens on both the Person and the
Authority resulting from performing a Tax Audit.
2. If the Authority decides to Re-audit a business, it shall take into consideration the results of the previous Tax
Audit, any new information or data, which are likely to change the Authority’s position.
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3. Notwithstanding Clauses (1) and (2) of this Article, a decision by the Authority to conduct a Tax Audit may
not be challenged by any Person.
Article (12) - Right to Conduct Tax Audit
1. For the purposes of conducting a Tax Audit, the Authority may inspect The Premises, Documents, Assets and
Accounting systems used by the Person subject to Tax Audit.
2. If the Premises or parts thereof are used as a dwelling, Tax Auditor shall obtain the prior written consent of
the Director-General as well as a permit from the Public Prosecutor to be able to enter the Premises.
3. For the purposes of implementing Clause (1) of this Article, the occupational tenant of the Premises or any
Person, the Authority considers as having control over the Premises, shall provide the Authority with all
reasonable facilities necessary for the effective exercise of its powers under this Article.
Article (13) - Notice of Audit
1. Notice of a Tax Audit sent by the Authority shall state the possible consequences of obstructing the Tax
Auditor in the exercise of his duty.
2. Notice to be provided in writing at the beginning of the Tax Audit to the following:
a. The occupational tenant of the Premises.
b. The Person who appears to be in charge of the Premises if present and the occupational tenant is not
present.
c. In any other case, the notice shall be posted on a prominent place in the Premises.
3. Any other official of the Authority for effective exercise of his powers.
4. A Tax Auditor carrying out a Tax Audit based on the permission of the public prosecutor according to Article
(12) of “ER” shall present the permit issued by the Authority with permit obtained from the public prosecutor
along with the proof of identity every time he is requested to do so.
Article (14) - Power to remove and retain Original Documents or Assets or Make Copies Thereof
1. Where an original Document is provided to or inspected by a Tax Auditor during a Tax Audit, he may make
copies of it, remove the Document for a period specified by the Tax Auditor for the completion of his work or
make copies of it during the removal period.
2. For purposes of Article (12) of “ER”, Tax Auditor may remove any Asset provided thereto or inspected by him
for a period specified by the Authority for the completion of the Tax Audit.
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3. Where a Document is removed under Clause (1) of this Article or an Asset is removed under Clause (2) of this
Article, the Authority shall provide a record of what were removed within (10) business days from the date of
removal to the owner of the Document or the Asset or to the occupational tenant of the Premises or to the
Person who had custody or control of the Document or Asset immediately before the removal.
4. The record referred to in Clause (3) of this Article shall include the purpose for removing the Asset or
Document, nature of the Asset or Document so removed, location where the Asset or Document is stored
and the conditions of storage with period for which it is expected to be retained by the Authority.
Article (15) - Power to Mark Assets and Record Information
The Authority shall have the power to:
1. Mark Assets for the purpose of indicating that they have been inspected.
2. Obtain and record information relating to the Premises, Assets, and Documents and accounting systems that
have been inspected.
Article (16) - Storage and Providing Access to removed Documents and Assets
1. Any Documents or Assets removed under Article (14) of “ER” shall be kept and stored by Authority for the
period required for completion of Tax Audit in accordance with the conditions included in Clauses (2) and (3)
of this Article.
2. Any Documents or Assets removed and retained shall be returned to the Person to whom a record has been
provided under the provisions of Clause (3) of Article (14) of this Decision in a condition as good as practically
possible. The Authority may dispose of the Assets that naturally deteriorate and hence cease to have value,
in accordance with the internal procedures of the Authority.
3. For perishable Assets, the Authority shall have the right to dispose of them (45) business days after their
removal, in accordance with the internal procedures of the Authority.
4. The Authority shall notify the owner of the Asset, 10 business days prior to exercising its right under Clauses
(2) or (3) of this Article and give the owner an opportunity to take back the Asset in whole or in part.
5. Person from whom the Asset or Document was taken submits a request to view the Asset or Document, the
Authority may:
a. Allow the Person who made the request to view the Asset or Document under the supervision of the
Authority for the purpose of photocopying or photographing the Document or photographing the Asset.
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b. Photocopy or photograph the Document or photograph the Asset, and provide the photocopy or the
photograph to the relevant Person.
c. Reject the request where the Authority believes that it would prejudice Tax Audit or Tax Audit of another
Person or any investigation related to any of the Documents or Assets to be viewed or any criminal
proceedings related to the Document or the Asset to be viewed.
Article (17) - Result of the Audit
1. The Person subject to the Tax Audit shall be notified of the results of the Tax Audit within (10) business days
from the end of the audit.
2. Person may request the Authority to view or obtain Documents and data on which the assessment of Due
Tax was made by the Authority. Request to be made in writing within (20) business days from the date of the
notice and Authority shall provide the requested information within (10) business days in the following
manner:
a. A paper or electronic copy of the Document or data requested.
b. The original Document or data requested if such Documents or data belong to the Person.
3. The Authority is not required to provide Documents/ data of internal correspondence or decisions, any
confidential information/ data related to any other Person, or which are known to be in possession of the
Person who is subject to the Tax Audit and made the request. In this case the Authority shall provide
sufficient information to enable him to identify the Documents and data requested.
Article (18) -Notice to Provide Information or Documents
The Authority may issue a Notice requiring a Person to provide any information/ Documents in relation to
himself or another Person, if these Documents or information are considered necessary by the Authority.
Article (19) - Complying with Notifications
1. Where a Person has been notified to provide information/ Documents, the Person shall do so within the
period specified and by the means and in the form determined in the Notification.
2. Where a Notification requires a Person to provide information or Documents, these shall be submitted either
at a place agreed upon between Person and the Authority or the place determined by the Authority provided
that this place is appropriate and not used solely as a dwelling.
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Title Nine - Tax Assessment and the Administrative Penalties Assessment
Article (20) - Considering Taxes as Debts owed to the Authority
Where an amount of Tax or Administrative Penalty has been assessed and notified to any Person under the Tax
Law, it shall be deemed to be a debt to the Authority and may be collected accordingly.
Article (21) - Notification of Tax Assessment or Administrative Penalty Assessment
1. A notification of Tax Assessment to include the Taxable Person’s name and address, Tax Registration
Number, if applicable, Tax Assessment reference number, Tax Period, Tax summary including Tax declared
and adjustments made, reasons for Tax Assessment, Net Tax due or refundable with due date and method of
payment of Due Tax.
2. A notification of an Administrative Penalty Assessment to include Person’s name and address, Tax
Registration Number, if applicable, Penalty Assessment reference number, Tax Period, Detail of violation,
Penalty summary including amount of Penalty, amount of Tax to which the Penalty relates and any
reductions with Total of Administrative Penalties due to the Authority and due date and method of payment
of Penalty.
Title Ten - Tax Refunds
Article (22) - Procedures of Getting a Tax Refund
1. Subject to any further conditions specified in the Tax Law, Taxpayer shall apply for a refund as per the
mechanism specified by the Authority.
2. The Authority shall review the application and notify taxpayer within (20) business days on accepting or
rejecting the refund claim. If Authority requires longer period than 20 days, it shall notify the Taxpayer
thereof.
3. Once the Authority approves the refund, it shall, within (5) business days of the approval, either make the
appropriate payment to the Person or notify the Person that the Authority will offset the refund amount
against any other Payable Tax/ Administrative Penalties due or that the refund will be postponed until all due
Tax Returns are submitted and any amount in excess of such liabilities shall be refundable.
4. The payment of a refund amount shall be made to the Person entitled to the refund by the means
acceptable to the Authority.
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Title Eleven - Bankruptcy Cases
Article (23) - Responsibilities of Bankruptcy Trustee in Case of Bankruptcy
1. If a Business or part of a Business is subject to bankruptcy proceedings and a Person has been appointed as a
trustee in bankruptcy, that trustee shall be treated as representing and carrying out the Business or the part
of the Business until the expiration date of his appointment as a trustee in bankruptcy under the Federal
Decree Law No (9) of 2016.
2. Where the Authority has notified an appointed trustee of the Due Tax, the trustee may apply for a review,
objection or appeal of the decision, in accordance with the rules and controls stated in Title Four of the Law.
3. Any Payable Tax due to the Authority shall be paid by the trustee in accordance with the settlement
mechanism applicable to the Payable Tax.
Title 12 - Disclosure of Information
Article (24) - Disclosure of information
1. The Authority staff and any Persons delegated by the Authority to execute the provisions of the Law or the
Tax Law shall not disclose information except in the following cases:
a. The disclosure is made upon a decision of a judicial authority.
b. The disclosure is made to a competent government entity that was determined by a decision of the board of
directors after concluding a memorandum that stipulates such disclosure, the use that may be made of the
information disclosed, the arrangements for the control, security, subsequent disclosure and the accuracy of
the information, including the access to that information by Persons.
c. The disclosure is made in the implementation of international conventions or treaties.
d. The disclosure is requested by a Person or their Tax Agent in relation to any part of their file with Authority.
e. The disclosure is made to another specialized Authority’s staff member to perform his duties and functions.
2. For purposes of Clause (1) of this Article, “the Authority’s staff” means:
a. The chairman and members of the Board.
b. The Director-General.
c. Any other officer of the Authority.
3. For the purposes of implementing this Article, the Board may specify the following:
a. The Persons working at the Authority, whose functions allow them to disclose information and the nature or
category of such information which may be disclosed.
b. The date on which disclosure may be made.
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Article (25) - Disclosure of Information by the Authority’s Staff after Leaving Function
If an Authority’s staff member leaves his job, he shall remain under the same duty of confidentiality in respect
of information known or held by him at the time that he was authorized to carry out his functions as a
competent officer of the Authority save where a Competent Court or the Public Prosecutor orders the
disclosure of any such information.
Title Thirteen - Reduction in or Exemption from Administrative Penalties
Article (26) - Reduction of Administrative Penalties or Exemption Therefrom
1. The Authority may reduce or waive any administrative penalties imposed on any person whose violation of
the provisions of the Law or Tax Law was proved according to the following provisions:
a. The Person has an excuse that is acceptable to the Authority.
b. The Person provides evidence that justifies the excuse and the violation it caused, which led to the
imposition of Administrative Penalties.
c. The reduction or exemption application shall be notified to the Authority within 10 business days.
d. The Person shall not have been subject to any Administrative Penalties in the 2 years preceding the
application.
e. The Person shall demonstrate that they have corrected the violation.
2. For the purposes of paragraph (a) of Clause (1) of this Article, an acceptance of an excuse shall be decided by
a committee, set up by a decision of the Director-General, consisting of three officers, specialized in reviewing
the excuse and evidence provided by the violating Person, and accepting or rejecting the excuse subject to
Clauses (3) and (4) of this Article.
3. An excuse shall not be considered acceptable if the act that led to the violation was deliberate.
4. The following shall not ordinarily be considered an acceptable excuse:
a. Insufficiency of funds.
b. Reliance on another Person.
5. The Authority shall make its decision in respect of the reduction of the Administrative Penalties or exemption
therefrom within (20) business days from receiving the application, and shall notify the Person of said decision
within (10) business days as of issuing its decision.
Article (27) - Abrogation of Contradicting Provisions
Any provision contrary to or inconsistent with the provisions of this Decision shall be abrogated.
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Article (28) - Publication and Application of this Decision
This Decision shall be published in the Official Gazette and shall come into effect from the date of its issuance
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